Psychographics: The Next Step in Multifamily Development

Parc at Princeton Junction in Princeton, NJ.

CHICAGO—In both the office and multifamily sectors, developers have waged a quiet amenities war in the past few years. Everyone tries to top the competition by including every new-fangled amenity they can think of, all in the hopes of attracting tenants. But others have started approaching design in a more methodical way. And to predict what tenants will truly appreciate, developers need more than simple demographics on their target audience.

“You need to dig down into what they value,” Mary Cook, founder and president of Chicago-based Mary Cook Associates, a commercial interior design firm. And collecting demographic information such as educational levels, income, race and ethnicity and other factors is just the first step.